Vijaya Bank Pension Loan

 

Vijaya Bank Pension Loan Features

Vijaya Bank Pension Loan Interest Rate 11.83% p.a.
Vijaya Bank Pension Loan Processing Fee 1% of the loan amount
Vijaya Bank Pension Loan Tenure 36 months
Pension Loan Amount Minimum 25,000
Pension Loan Amount Max 14 Lakh
Family Pension Loan Amount Minimum 2.5 Lakh
Family Pension Loan Amount Max. 5 Lakh
Vijaya Bank Prepayment Charges 3% of the loan amount
Vijaya Bank Foreclosure Charges 3% of the loan amount

Vijaya Bank Pension Loan Eligibility

For the Vijaya Bank loan eligibility, it is one of the primary requirement that one of your ex-staff constituent who is having a pension statement. You must also be a beneficiary of state government, PSU or Central Government. You must also take home 60% of the monthly pension after paying the bank payments.

Vijaya Bank Pension Loan Eligibility for Central and State Government Pensioners

Eligibility Criteria Key Features
Employer Type Central and State Government
Applicant’s Age Below 76 years of age
Account Type Pension payment order maintained by Bank
Treasury Terms Written consent from the treasurer not to accept any pension transfer requests
Guarantee Terms By the spouse (eligible for a family pension) or any other third party

Vijaya Bank Pension Loan Eligibility For Defence Pensioners

Eligibility Criteria Key Features
Employer Type Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles
Applicant’s Age Below 76 years of age
Account Type Pension payment order maintained by Bank
Treasury Terms Not applicable
Guarantee Terms Not applicable

Vijaya Bank Pension Loan Eligibility For Family Pensioners

Eligibility Criteria Key Features
Employer Type Central and State Governments including all Armed Forces
Applicant’s Age Below 76 years of age
Account Type Pension payment order maintained by Bank
Treasury Terms Not applicable
Guarantee Terms Authorised members of the family under the family pension scheme

Maximum Eligible Loan Amount and repayments

For Central and State Government Pensioners:

Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
Below 72 years ₹ 14.00 Lakh 60 months Up to 77 years
72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

For Defense Pensioners:

Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
Below 56 years ₹ 14.00 Lakh 84 months Up to 63 years
56 – 72 years ₹ 14.00 Lakh 60 months Up to 77 years
72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

For Family Pensioners (including Defense Pensioners):

Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
Below 72 years ₹ 5.00 Lakh 60 months Up to 77 years
72 – 74 years ₹ 4.50 Lakh 48 months Up to 78 years
74 – 76 years ₹ 2.50 Lakh 24 months Up to 78 years

Interest Rate On Vijaya Bank Personal Loan For Pensioners

The interest rate for Vijaya Bank Pension Loan is very less i.e. 3.40% p.a. to fulfil the needs of old pensioners in their ending days.

Documents Required For Vijaya Bank Pension Loan

Identity proof: Any of the following mentioned–

  • Passport
  • Voter Identity Card
  • Pan Card
  • Driving License
  • Aadhaar Card

Address proof: Any of the following mentioned–

  • Ration Card
  • Bank Account Statement
  • Passport
  • Driving License
  • Utility bills
  • The property purchase agreement
  • Aadhaar Card

Income proof: 

  • Bank Account Statement
  • Salary Slips

Loan Amount On Vijaya Bank Personal Loan For Pensioners

The smallest loan amount is Rs 25,000. The highest loan amount and loan tenure depends on pensioner’s life and the nature of pension he/she is drawing.

For State and Central Government Pensioners:

Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
Less Than 72 Years 25000 14 Lakh 18 Months Pension 60
72 to 74 Years 25000 12 Lakh 18 Months Pension 48
74 to 76 Years 25000 7.5 Lakh 18 Months Pension 24

For Defence Pensioners:

Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
Up to 56 Years Rs 25000 14 Lakh 36 Months Pension 84
Less Than 72 Years Rs 25000 14 Lakh 18 Months Pension 60
72 to 74 Years Rs 25000 12 Lakh 18 Months Pension 48
74 to 76 Years Rs 25000 7.5 Lakh 18 Months Pension 24

For Family Pensioners:

Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
Less Than 72 Years 25000 5 Lakh 18 Months Pension 60
72 to 74 Years 25000 4.5 Lakh 18 Months Pension 48
74 to 76 Years 25000 2.5 Lakh 18 Months Pension 24

About Vijaya Bank Vijaya Bank Pension Loan

Vijaya Bank started in October 1931 in Mangalore, Karnataka. It was established by Shri A.B.Shetty and other farmers to promote banking habits among the farming community in the Dakshina Kannada district in Karnataka.

Vijaya Bank became a recognised bank in 1958. During 1963 to 1968 it grew into all India bank by merger of nine smaller banks into Vijaya Bank. It got nationalised in year 1980. Now it has a network of 1277 branches, 49 extension counters and 551 ATM spread across all 28 states and 4 union territories in the country.

FAQs on Vijaya Bank Pension Loan

✅ Can you get a loan on a pension?

The Vijaya Bank Pension Loan is available for the Central and State Govt pensioners, Defense pensioners and family pensioners up to 76 years of age.

✅ How much loan can a pensioner get?

The loan amount of personal loan for pensioners varies for the different pension loan providers. The Vijaya Bank Pension Loan can be availed for the amount Rs 25,000 to Rs 14 lakhs. 

✅ What is the pension loan scheme?

The Vijaya Bank Pension Loan scheme covers the funding needs of Govt, Defense and family pensioners after their retirement.

✅ At what rate of interest you can get Vijaya Bank Pension Loan?

You can get Vijaya Bank Pension Loan at 3.40% p.a. interest rate. 

✅ How can you get Vijaya Bank Pension Loan?

You can apply online via Dialabank or call at 9878981166

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